LifeCell International, a stem cell bank and provider of reproductive genetic testing services, has raised ₹225 crore from healthcare investment firm OrbiMed Asia Partners IV in exchange for a significant minority ownership in the company.
Mayur Abhaya, Managing Director of LifeCell International, commented on the company's future prospects after this round of fundraising "LifeCell has over the last few years undertaken several growth initiatives in genetic and genomic testing for maternal and newborn health, and innovative placental tissue-based products for wound healing. With demonstrated market leadership across segments, LifeCell seeks to further leverage its technological expertise, strong brand position, and wide network, to foray into adjacent new categories like Fertility Heath and Cell-based therapeutics. These funds will help accelerate this agenda and further strengthen our market position".
LifeCell's current founders also contributed by spending Rs 30 crore of the total funds raised to invest in the company's expansion in the genomic area and to expand their research & development in transplant biologics.
Sunny Sharma, Senior MD, OrbiMed Asia, joins LifeCell's board of decision makers as a result of OrbiMed's investment. Addressing this development, he said that LifeCell has developed a trusted healthcare brand in maternal and newborn health via innovation and service.
LifeCell's fiscal year ended with revenue of Rs 234 crore and the company has acquired DGCI approval to undertake a 30-day trial of 'Mesocels' generated from umbilical cord to treat COVID-19.